Date/Time: Sunday 20 May 2012 - 1.30pm to 5.30pm
Location: Monash University – Caulfield campus
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Presentation 1: Recording for Trading Firms and Understanding Accounting Information
Ms. Vicki Baron is the Head of Commerce at Haileybury, author of VCE Accounting textbooks and Accounting Study Guide and holds a senior position of responsibility with the VCAA.
- Accounting principles and qualitative characteristics of accounting information
- Elements of financial reports: assets, liabilities, owner’s equity, revenue and expenses
- Two fold effects of transactions on the accounting equation
- Source and business documents
- Stock cards using FIFO
- GST Clearing Account
- Special journals
- General Journal
- Distinction between historical cost and agreed value in relation to non current assests
- Posting to the general ledger from the journals on a monthly basis
- Balancing the ledger accounts (subsidiary and general) in preparation for the next reporting period
- Reasons for control accounts
- Subsidiary ledgers for debtors and creditors and preparation of schedules to reconcile with control accounts
- Internal control procedures and practices of the accounting system
Presentation 2: Balance Day Adjustments and Preparing Accounting Reports
Mr. Anthony Simmons is the Senior Coordinator at Penleigh & Essendon Grammar School and holds a senior position of responsibility with the VCAA. With Richard Hardy, he is also co-author of the Cambridge VCE Accounting textbook series.
- Recording for balance day adjustments
- Treatment of accrued expenses in subsequent periods.
- Closing entries for revenue and expenses in the General Journal and general ledger
- Preparation of the Profit and Loss Summary account with transfer of profit and loss to Capital account and transfer of drawings to capital account
- Post adjustment trial balance
- Classified accounting reports:
- Cash Flow Statement
- Income Statement
- Balance Sheet
- The distinction between cash and profit
- The effect of transactions on the accounting equation and the accounting reports
